Yes but there is intangible asset value which doesn't show up on the balance sheet of TAH and will be a part of a PPA process come post acquisition. There will always be dilution when a company brings in a new business involving scrip consideration, however there is a growth factor as well as synergies that won't be apparent on day one. None of us are experts in this transaction, and the BET management team have a lot more information in regards to the transaction than we have.
Ann: BetMakers submits proposal to acquire Tabcorp assets, page-536
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